Wed, Oct 05, 2022 @ 16:21 GMT
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GBPJPY Weakens, Remains On The Defensive

GBPJPY looks to weaken further in the days ahead as it holds on to its downside pressure. On the upside, resistance comes in at the 138.00 level where a violation will aim at the 138.50 level. A break below here will target the 139.00 level followed by the 139.50 level. Conversely, support is seen at the 137.50 level followed by the 137.00 level. A cut through this level will set the stage for a move further lower towards the 136.50 level. Further down, support resides at the 136.00 level. All in all, GBPJPY remains biased to the downside in the short term.

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Mohammed Isah is a co-founder, technical strategist and head of research at FXAssure.com. He has been trading and analyzing the foreign exchange market for the past 7 years. He formerly traded stocks before crossing over to the forex market where he worked for FXInstructor LLC as a technical analyst and head of research before Joining FXassure.com.

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